|By Marketwired .||
|June 12, 2014 03:40 PM EDT||
BOUCHERVILLE, QUEBEC -- (Marketwired) -- 06/12/14 -- Strateco Resources Inc. (TSX:RSC)(FRANKFURT:RF9) ("Strateco") is pleased to announce that today it closed the $1.4 million private placement agreed to on May 8, 2014, with Sentient Executive GP IV, Limited (for Sentient Global Resources Fund IV, L.P. ("Sentient")), a Strateco insider. The private placement consisted of the issuance of 28 million common shares at $0.05 per share. Strateco will not pay any commission in connection with this financing.
Note that 98.53% of Strateco shareholders present in person or represented by proxy (excluding Sentient) at Strateco's general annual and special meeting held on May 27, 2014, (the "Annual Meeting") voted in favour of the special resolution authorizing Strateco's directors to enter into the $1.4 million private placement with Sentient (ref. Strateco press release dated May 28, 2014).
With the closing of this private placement, Strateco is confident that it will be able to maintain the listing of its common shares on the Toronto Stock Exchange ("TSX").
On the same day, SeqUr Exploration Inc. ("SeqUr"), a wholly-owned subsidiary of Strateco, issued 14,999,999 common shares of Strateco in exchange for Strateco's option on the Jasper Lake uranium project, consisting of four properties in Saskatchewan, from Denison Mines Corp. (ref. Strateco press release dated December 17, 2013) and closed a $100,000 private placement involving the issuance of 5 million common shares at $0.02 to Sentient.
At the Annual Meeting, 99.37% of Strateco shareholders present in person or represented by proxy voted in favour of the special resolution authorizing Strateco's directors to proceed with the eventual distribution of the 15,000,000 common shares of SeqUr held by Strateco to Strateco shareholders as deemed appropriate (ref. Strateco press release dated May 28, 2014).
This news release contains "forward-looking statements" subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco's annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.